Proficio Capital Partners LLC Acquires New Holdings in Iridium Communications Inc. (NASDAQ:IRDM)

Proficio Capital Partners LLC acquired a new stake in Iridium Communications Inc. (NASDAQ:IRDM) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 14,046 shares of the technology company’s stock, valued at approximately $408,000.

Several other hedge funds also recently modified their holdings of the stock. Fifth Third Bancorp increased its stake in shares of Iridium Communications by 19.8% in the 4th quarter. Fifth Third Bancorp now owns 2,162 shares of the technology company’s stock valued at $63,000 after acquiring an additional 357 shares in the last quarter. Ballentine Partners LLC increased its stake in shares of Iridium Communications by 6.8% in the 4th quarter. Ballentine Partners LLC now owns 11,731 shares of the technology company’s stock valued at $340,000 after acquiring an additional 750 shares in the last quarter. KBC Group NV increased its stake in shares of Iridium Communications by 25.9% in the 3rd quarter. KBC Group NV now owns 3,796 shares of the technology company’s stock valued at $116,000 after acquiring an additional 781 shares in the last quarter. State of New Jersey Common Pension Fund D increased its stake in shares of Iridium Communications by 1.1% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 76,836 shares of the technology company’s stock valued at $2,230,000 after acquiring an additional 866 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Iridium Communications by 44.8% in the 4th quarter. GAMMA Investing LLC now owns 3,473 shares of the technology company’s stock valued at $101,000 after acquiring an additional 1,074 shares in the last quarter. Institutional investors own 84.36% of the company’s stock.

Analyst Upgrades and Downgrades

IRDM has been the subject of several research analyst reports. Cantor Fitzgerald began coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective for the company. Barclays reduced their price target on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday. Finally, StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research report on Thursday, February 27th.

Iridium Communications Price Performance

IRDM opened at $29.75 on Tuesday. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 31.32, a P/E/G ratio of 1.28 and a beta of 0.70. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $35.85. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The firm’s fifty day moving average price is $29.69 and its two-hundred day moving average price is $29.29.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The business had revenue of $212.99 million for the quarter, compared to analysts’ expectations of $203.78 million. As a group, analysts anticipate that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Monday, March 17th. Iridium Communications’s payout ratio is 58.95%.

Insider Transactions at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the sale, the director now owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.00% of the stock is owned by insiders.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.